An election to forgo an NOL carryback must be made on or before the return due date (including extensions)for the year in which the NOL is incurred.

Question

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According to the IRS, an election to forgo an NOL carryback must be made on or before the return due date (including extensions) for the year in which the NOL is incurred. This means that the statement is true.

An Election to Forgo an NOL Carryback Must Be Made